February's hot initial public offering (IPO) market continued its strong momentum last week, with 16 traditional IPOs and 26 special purpose acquisition companies (SPAC) raises a whopping $12.4 billion. The week ahead plans to be a bit quieter, with only one IPO and three SPACs set to debut.
In the biggest deal of the week, Bumble Inc. (BMBL ) priced its twice upsized offering above its upwardly revised range at $43 per share to raise $2.15 billion in its debut, making it the largest offering of the year so far. The company operates under the Bumble and Badoo apps, which are the second and fourth highest grossing dating apps globally. While the company has been impacted by the pandemic, Bumble is expected to benefit from the coronavirus vaccine rollout and the easing of social restrictions. The company ended the week up 76%.
For the week's biggest performer, Viant Technology Inc. (DSP ) priced its further upsized offering above its upwardly revised range at $25 each to raise $250 million. The advertising software provider ended the week up 162%.
Here's the rest of the week in order of offering raised:
Signify Health, Inc. (SGFY ) priced its shares above its upwardly revised range at $24 each to raise $564 million. The healthcare platform, which primarily supports Medicare Advantage plans, finished the week up 52%.
Cloopen Group Holding Ltd. (RAAS ) priced its shares above its range at $16 each to raise $320 million. The Chinese cloud-based communications solutions provider soared 200% in its debut, but ended the week only up 96%.
Talis Biomedical Corp (TLIS ) priced its further upsized offering at the high end of its range at $16 each to raise nearly $221 million. The diagnostic testing developer has requested an emergency use authorization for its COVID-19 molecular diagnostic test. The company ended up 74%.
Apria, Inc. (APR ) priced its shares at it midpoint of $20 each to raise $150 million. The provider of home healthcare equipment, supplies and related services has seen reduced demand for certain products due to the pandemic. The stock finished up 5%.
Adagene Inc. (ADAG ) priced its shares at the high end of its range at $19 each to raise nearly $140 million. The Chinese cancer-focused biotech lead candidate is currently in Phase I clinical trials in the U.S. and China for advanced solid tumors and non-Hodgkin's lymphoma. The company ended up 46%.
Decibel Therapeutics, Inc. (DBTX ) priced its upsized offering at the high end of its range at $18 each to raise over $127 million. The hearing-loss focused biotech's sole candidate is currently in Phase I clinical trials, with interim data expected in the second half of the year. The stock ended flat.
NexImmune, Inc. (NEXI ) priced its further upsized offering at the high end of its range at $17 each to raise $110 million. The immunotherapy biotech currently has two candidates in Phase I/II clinical trials: one for acute myeloid leukemia, and the other for multiple myeloma. NexImmune expects data for both trials to be announced by the end of the year. The stock ended up 49%.
Bioventus Inc. (BVS ) priced its shares below its range at $13 each to raise $104 million. The orthobiologics developer has seen declines in volume due to the pandemic, but the stock finished up 33%.
Following its delay, loanDepot, Inc. (LDI ) priced its downsized offering below its range at $14 each to raise $54 million. The non-bank lender provides loan origination and servicing for mortgage and unsecured personal loans. The company was the second best performer, finishing up 125%.
Baosheng Media group Holdings Ltd (BAOS ) priced its shares at the low end of the range at $5 each to raise $30 million. The Chinese marketing firm providers advisory services for online advertisers. The stock finished up 42%.
Longeveron Inc. (LABP ) priced its shares at the low end of its range at $10 each to raise about $27 million. The cell-therapy-focused biotech is developing cellular therapies for age-related and life-threatening conditions, and is sponsoring Phase I and II trials at this time. The stock finished down 26%.
Global Internet of People, Inc (PUCKU ) priced its shares at the low end of its range at $4 each to raise about $27 million. The Chinese peer-to-peer knowledge sharing and enterprise service platform finished up 24%.
Biophytis SA (BPTS ) priced its shares within its range at $16.75 to raise $20.1 million. The French biotech currently has a candidate in Phase II clinical trials for sarcopenia, with results expected in the second quarter, as well as a Phase II/III study for its coronavirus treatment candidate. The stock ended up 2%.
Vallon Pharmaceuticals, Inc. (VLON ) priced its shares at the low end of tis range at $8 each to raise $18 million. The biotech's lead candidate for the treatment of ADHD and narcolepsy has completed three Phase I clinical trials. The stock finished down 2%.
26 SPACs raised about $8.1 billion last week, lead by Churchill Capital Corp VII (CVIIU ), which raised $1.2 billion for the acquisition of no specific business.
For the week ahead, AFC Gamma, Inc. (AFCG ) is the sole traditional IPO issuer, planning to raise about $134 million from 8 million shares priced at $19 each. The cannabis finance REIT originates, structures, underwrites and manages loans for established companies operating in the cannabis industry.